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As the owner of a rent-a-car agency you have determined the following statistics: Potential Rentals Daily: 0 1 2 3 4 Probability:25 Rental Duration:
As the owner of a rent-a-car agency you have determined the following statistics: Potential Rentals Daily:01234Probability:0.100.150.200.300.25Rental Duration:1 day2 day3 day4 dayProbability:.50.30.15.05The gross profit is $40 per car per day rented. When there is demand for a car when none is available there is a goodwill loss of $80 and the rental is lost. Each day a car is unused costs you $5 per car.Your firm initially has 4 cars. a. Conduct a 10-day simulation of this business using Row #1 below for demand Row #2 below for rental length.Row #1: 63 / 88 / 55 / 46 / 55 / 69 / 13 / 17 / 36 / 81Row #2: 59 / 09 / 57 / 87 / 07 / 92 / 29 / 28 / 64 / 36b. If your firm can obtain another car for $200 for 10 days, should you take the extra car?
